What do you guys use for online rent collection?
We use propertyware.Great software not cheap but does everything for us including maintenance request,vendors list,payroll and more. We're a property management company but think any landlord that owns 10 or more properties could use this software.
I currently use Tenant Cloud. It has a low-cost, it's highly intuitive and user-friendly and it allows you to create invoices and send/receive funds. You can create a free version so that you can browse around to see if it meets your needs prior to purchase.
In my opinion, if you have multiple properties, Tenant Cloud is the perfect software. As a plus, it also allows you send/receive tenant applications and rental agreements as well.
Check it out and let me know what you think!
I'm also using Cozy.co it's free if you use it for rent collection and don't do express payouts. It takes anywhere from 1 to 7 days for the funds to be deposited in my bank.
Originally posted by @John A. :
Thanks everyone for the feedback!
I use Cozy and like it a lot. They don’t charge anything and do have some extra features that you can pay for.
I have 2 properties and Cozy.co is free and works great.
Yeah, I’m gonna give Cozy a test run and see how it goes. I was using chase Quickpay but they changed some things for non chase members.
Has anyone used PayPal? You can send and receive money for free as long as you link bank account.
You have to be careful what option you select for PayPal. Technically, this would be a fee for goods/services (for which there is a fee) as opposed to a transfer of funds between friends and family (for which there is no fee). I don’t know what the implications would be if PayPal discovered you were incorrectly using it one way vs. another.
I use cozy.co. In the past, I used Chase’s e-pay system (requires you to have an account at Chase). You could use something like popmoney or Zelle or similar.
PSA: Be careful not to use rentecdirect, almost used them but glad I didn't. Research the other threads, lots of people got scammed.
I've been allowing my tenants to use Chase quickpay know called Zelle and BOA's Zelle as well for the properties I self manage. For properties that my PM manages, they use Buildium.
Also heard others use:
“Rent Manager has a pretty solid maintenance feature. I can create workorders and assign them individually to specific vendors or handymen. Those guys can then view their individual workorder lists from their mobile devices. When they have completed each workorder they can close them out and add comments detailing their scope of work. I am able to add/remove/edit/reassign workorders anytime.
All closed workorders are saved and can be cross referenced by tenant, property, or unit at any time from anywhere. Very handy.” – Ryan Murdock
“We have been using Rent Manager for years and its works very well for us. It can do as much or as little as you need, it is very affordable, and if you pick the cloud version (what we use) it is very convenient. Owners love having a portal to access their property information and performance in real time. “ Ante Vujic
TenantCloud “I do all of that with TenantCloud and have closed my paid account with AF. I only have 22 properties (all homes), but it works great. I do applications, listings to zillow and others, website, payments, accounting, maintenance, reports and its all free. I am still waiting for the got ya as they are free, but they claim they will always be free for up to 75 units. At SXSW I saw one of their people and they said they will have the ability to get bids on jobs like cleaning, painting and such soon - I assume this is how they make money. “ Ben Travis
Don't use Paypal @Amber Koontz , It either costs money or you're breaking the ToS by having the select the improper category.
Chase deposits or quick pay
We have been using Cozy.co for a year now and like it. Our tenants have all loved it. Some payments post in 3 days and some take up to 7 but as long as you know and plan it has worked out great for us.
Cozy. Love it, very simple/professional experience for the tenants
Many of these services do not automatically apply late fees to monthly rents. Because of that, one-time payment requests for the late must be manually added once the grace period has ended. Now there’s two separate payments due from the tenant from which they can select only the rent and skip the late fee.
1) are there comparable low/no cost services that include the ability to schedule late fees when applicable also requiring the fee to be paid simultaneously with the rent?
2) if I’m on a brief vacation (or otherwise distracted from rental business) when the late fee becomes due, how do you get your late fee when you’re unable to quickly create a one-time payment so the tenant has both rent and fees due in their online account? My attorney has advised me to never accept anything resembling a partial payment including due late fees (he says the state of Tennessee is odd about partial payments). I’ve gone so far as to return money orders to tenants who do not include their late fees (only in the rare case they are uncooperative about quickly paying the fee). I’d rather have the option to reduce or otherwise modify an automatically required fee than to manually create one when it’s due.
Hope that makes sense